Vulcan Post: S’pore startup Carro hits unicorn status after raising US$360M funding, also eyeing IPO

This was published on Vulcan Post, written by Jae Chia.

Singapore startup Carro said on Tuesday (June 15) that it has raised US$360 million (S$477.62 million) in its latest funding round led by SoftBank Vision Fund 2.

The Southeast Asian online automotive marketplace has raced past the US$1 billion valuation mark to become the region’s latest unicorn.

“The valuation for the company is well over a billion dollars,” CEO and founder of Carro, Aaron Tan, told Reuters in an interview. He did not provide an exact valuation.

In a statement, Carro said it closed its financial year ending (FYE) March 2021 with over 2.5x growth in annual revenue, and continues to be EBITDA positive for the second year running.

It was also named Asia Pacific’s fastest growing company in 2021 by The Financial Times and Statista.

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